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Shrinking diesel and gasoline stockpiles in the USA added additional wings to the crude gains on Wednesday.

Oil from the FSO Safer will be transferred to a salvage vessel to prevent a damaging Red Sea spill.

'These attacks, carried out with advanced weaponry like ballistic missiles and UAVs, signify a strategic shift from random piracy to politically motivated aggression'.

Vessels have been forced to reroute around Africa to transport fuel between the Atlantic and Pacific basins.

Dryad Global noted that the Gulf of Aden and Red Sea 'have seen another watershed incident'.

'Attacks could last at least until the Israel-Gaza conflict is resolved - an essentially uncertain duration'.

A steep decline in the number of tankers suggests that attacks on ships in the area are further disrupting a key artery of global trade.

'Policies that focus on reducing oil demand by driving innovation and adoption of new technologies are likely to be most effective'.

The value of Russian oil is showing another sign of sanctions defiance.

Fire damage to Pemex's refineries has hampered its plan to keep crude supplies to produce fuels domestically.